旅游上市公司自愿性信息披露与业绩相关性研究  

Correlation between Voluntary Information Disclosure and Performance of Chinese Tourism Listed Companies

作　　者：石晓燕[1] 刘海英[2] 许峰[2] 

机构地区：[1]山东商业职业技术学院,山东济南250103 [2]山东大学管理学院,山东济南250100

出　　处：《旅游科学》2012年第4期26-38,共13页Tourism Science

基　　金：山东省高校人文社科研究计划项目"基于博弈论的创业板上市公司理财目标;战略与对策研究"(J11WG75)

摘　　要：基于代理理论与信号理论,业绩优良的上市公司有动力通过自愿性信息披露来降低代理成本或传递其竞争优势。本文选取在沪深两市上市的20家旅游上市公司作为研究样本,采用实证分析方法对旅游上市公司自愿性信息披露行为进行研究,检验自愿性信息披露与公司业绩的相关性,以期促进旅游上市公司完善其信息披露制度。研究结果表明:我国旅游上市公司自愿性信息披露水平整体较低;景点类公司自愿性信息披露水平显著高于饭店类和综合类旅游上市公司。旅游上市公司自愿性信息披露与净资产收益率、总资产周转率、营业收入增长率呈现正相关关系,与资产负债率和詹森指数呈现负相关关系。Based on agency theory and signal theory, the authors believe that listed companies with excellent performance have an incentive to reduce agency costs or to deliver competitive advantages through voluntary information disclosure. This paper selects 20 tourism listed companies in Shanghai and Shenzhen Stock Exchange markets before the end of 2006 as samples to make an empirical analysis of tourism listed companies＇ voluntary disclosure behavior for the purpose to test the correlation between voluntary disclosure and corporate performance with the intention to help tourism listed companies in improving their information disclosure. The results show that： the voluntary information disclosure of Chinese tourism listed companies is lower in overall level; attractions companies＇ voluntary disclosure level was significantly higher than that of tourist hotels and integrated companies ; Voluntary disclosure of tourism listed companies is positively correlated with Return on Equity, Turnover of Total Assets, Operating Income Growth Rate, while negative correlated with Debt to Asset Ratio and Jensen Index.

关 键 词：旅游上市公司 自愿性信息披露 公司业绩 相关性 

分 类 号：F590.66[经济管理—旅游管理]